Fortum to book gain from Hafslund sale of shares in Hafslund Fibernett AS

12/22/2010 11:00 EET

The Norwegian power and heat company Hafslund ASA, owned by Fortum to 34.10%,
announced today the sale of shares in its fully-owned subsidiary Hafslund
Fibernett AS with a sales price amounting to NOK 1,477 million (approx. EUR 188
million). Hafslund will book a gain of approximately NOK 900 million (approx.
EUR 114 million). The transaction is subject to approval from the Norwegian
Competition Authorities and will be implemented upon approval. Consequently,
Fortum will book a gain of roughly EUR 40 million, corresponding to
approximately EUR 0.04 per share. The gain is booked in the Profit/Loss
statement as profit from associated companies in the quarter after Hafslund has
recognised the gain.

According to Fortum's accounting principles, the share of profits from Hafslund
is included in Fortum Group figures based on the previous quarter information
i.e. Hafslund's fourth quarter results 2010 in Fortum's first quarter results
in 2011. Only exception is the possible gains from sales, impairment etc. of
the publicly listed REC shares owned by Hafslund. These possible effects Fortum
will book immediately, when information is publicly available.